A LOSS FOR THE W?
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Details surrounding the fate of the W continue to trickle in. Quick recap: Capri Capital, security holder of the Downtown W Hotel & Residences, hired Jones Lang?s hotel group to auction the property at 45 Allen Plaza. The building is scheduled for sale March 29 at law firm Greenberg Traurig?s Chicago offices. The 28-story, 450k-SF tower, with 237 rooms, topped by 74 luxury condos, is part of Barry Real Estate?s Allen Plaza, a complex originally projected to cover nine blocks between Peachtree St and the tourist area surrounding Centennial Olympic Park. Barry is still working to restructure the debt and prevent the foreclosure, and hotel operations will not be affected. Barry has also been working with lenders to restructure debt on the land for the planned office tower at 50 Allen Plaza. The economy and lending environment have not been kind to Atlanta's grand visions of late: Construction at the nine-acre Streets of Buckhead project is halted while developer Ben Carter seeks a cash infusion. |
